The reserve, block A1, off the Rakhine state's Sittwe and 300 miles northwest of the capital of Yangon, is estimated to have a gas reserve of 396.2 billion cubic-meters.
Daewoo will take 40 percent of the gas drilled under the project agreement with Myanmar in order to sell to India and Bangladesh.
According to official statistics, Myanmar produced a total of 3.91 million barrels of crude oil and 7,333 million cubic-meters of natural gas in the first 10 months of 2001, 22.6 percent and 12.5 percent up, respectively, from the same period of 2000. Meanwhile, the country exported 5,138.97 million cubic-meters of natural gas during the 10-month period of 2001, up 347.88 percent from the corresponding period of 2000, earning 477.89 million U.S. dollars. To meet its domestic demand, the country imported 209.89 million dollars worth of crude oil during the period.
Since Myanmar opened to foreign investment in late 1988, the investment in the oil and gas sector coming from oil companies of Australia, Britain, France, Indonesia, Japan, Thailand and the United States has reached 2.355 billion dollars in 51 projects, accounting for 31.8 percent of the country's total contracted foreign investment by sector.
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